You are provided with the following information for Crane Inc. Crane Inc. uses the periodic method of accounting for its inventory transactions.
March1Beginning inventory 2,000 liters at a cost of 60¢ per liter.March3Purchased 2,500 liters at a cost of 64¢ per liter.March5Sold 2,300 liters for $1.05 per liter.March10Purchased 4,000 liters at a cost of 71¢ per liter.March20Purchased 2,200 liters at a cost of 79¢ per liter.March30Sold 5,000 liters for $1.25 per liter.
Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.)
(1)Specific identification method assuming:(i)The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and(ii)The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,100 liters from March 20.(2)FIFO(3)LIFO